Tyson plans joint synthetic fuel project
The meat producer and Syntroleum team up in a $150 million project to produce about 75 millions of synthetic fuel annually.
NEW YORK (CNNMoney.com) -- The world's top U.S. meat producer Tyson Foods Inc. said Monday it would join forces with Syntroleum Corp. to produce synthetic fuels to help reduce greenhouse gases.
Tyson (Charts, Fortune 500) said the $150 million project with the Tulsa-based synthetic fuel technology company would target renewable diesel, jet, and military fuel markets, with its first facility producing about 75 million gallons of fuel a year.
The companies said the fuel will offer the same benefits of synthetic fuels made from coal or natural gas and will provide additional benefits over petroleum-based fuels. It will also be compatible with existing pipelines, storage facilities and other infrastructures.
Unblended fuel will be able to be used in diesel engines without any required modifications and also can be upgraded into ultra-clean, high quality synthetic jet fuel.
The first facility to produce the synthetic fuel is expected to begin in 2008.